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Old 01-02-2008, 06:22 PM   #21
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werd - sounds like you are thinkin it through - best of luck whateva you decide
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Old 01-02-2008, 06:24 PM   #22
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Quote:
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Do you have a budget? Why would you want to put yourself further in debt? You already owe 8 Grand on your(?) HOUSE repairs, not to mention the note. What will you do if something else happens? Let's look at this logically. At the end of next month you either A. double your debt and then some with interest or B. you decrease your debt by 1/2. Why is this deal dependent upon your girls' credit score? Your score is not so good? If that's the case, maybe you shouldn't be the one handling the money. Not preaching to ya hear, but giving you some questions to really sit and mull over. What kind of position would this put you and your girl in for the future? Looking to have kids one day? The decisions and money management habits you form now will influence your future position. FTW - I have three vehicles and all were paid for in CASH.

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You need to pay off your house repairs in order to plan for any future emergencies.

You want, well you get the point.

my .02


Dave Ramsey doesn't believe in mortgages either..... Not everyone can pay cash for stuff and if we wait to save up, we will never get what we want....

I am all for not making stupid purchases with bad negotiations but if you can comfortably afford the payment, roll with it...

But you do have to pay the credit card debt off as soon as you can......ofcourse with that being said, I have $5k in credit debt myself yet I still continue to buy ....LOL
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Old 01-02-2008, 06:30 PM   #23
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Quote:
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Dave Ramsey doesn't believe in mortgages either.....

:
wrong, thats the only debt he believes in.

and nothing wrong w/ "if you can't pay cash, you can't afford it"
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Old 01-02-2008, 06:42 PM   #24
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He does believe in mortgages - low, fixed rate mortgages that you pay off as soon as possible...I used to listen to him on 97.5 before it became ESPN radio and now he is on 950 AM KPRC
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Old 01-02-2008, 06:44 PM   #25
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i also don't know of a motorcycle lender that lets down payment effect their decision to approve or decline you.

cars and houses do that because cars and houses are considered a nesessity(sp?) but bikes, boats and rv's are luxury items. 99% of the time they don't require down payment. the remaining time is because they are on a credit card with a limited amount approved. which still doesn't effect the approval.
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Old 01-02-2008, 06:47 PM   #26
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Quote:
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i also don't know of a motorcycle lender that lets down payment effect their decision to approve or decline you.

cars and houses do that because cars and houses are considered a nesessity(sp?) but bikes, boats and rv's are luxury items. 99% of the time they don't require down payment. the remaining time is because they are on a credit card with a limited amount approved. which still doesn't effect the approval.
Yeah as far as I understand, they say "Well you've been only approved for $9000, so you'll need to put $2500 down" etc
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Old 01-02-2008, 06:49 PM   #27
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Old 01-02-2008, 06:54 PM   #28
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Post Food for thought

Get some cash Open a Cd, Borrow against the CD for the same amount you opened it with, Take the money out of the cd, whala!! doubled the money then you do the same thing over again until you have what you need to buy the bike. Pay off the loans you took out yourself against the cds. Self financing. Completely legal way to build credit if you dont have any and you always get approved.

Pm me for details
My whole family is into finance.

THe catch is you have to go to several banks and you need some cash to start with.
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Old 01-02-2008, 07:43 PM   #29
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Quote:
Originally Posted by speedjunkie View Post
Get some cash Open a Cd, Borrow against the CD for the same amount you opened it with, Take the money out of the cd, whala!! doubled the money then you do the same thing over again until you have what you need to buy the bike. Pay off the loans you took out yourself against the cds. Self financing. Completely legal way to build credit if you dont have any and you always get approved.

Pm me for details
My whole family is into finance.

THe catch is you have to go to several banks and you need some cash to start with.
This is one of the worst ideas I have ever heard of…

Let’s say you open up a four month CD with $50,000 with a 4.85% interest. When you borrow against the CD, it’s going to be at a much higher interest rate than the 4.85%. If you include the transaction costs on the loan, you are way into the negative on your return. When you take the money out of the CD before the maturity date, you will lose money in a form of a penalty. Your $50,000 CD if withdrawn early is only worth about $49,500. You didn’t double your money, you lost 500 dollars with the early withdrawal and now you owe money + interest on the loan you took out.
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Old 01-02-2008, 07:50 PM   #30
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yeah ... What he said!!!
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Old 01-02-2008, 10:27 PM   #31
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Wink YEP

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This is one of the worst ideas I have ever heard of…

Let’s say you open up a four month CD with $50,000 with a 4.85% interest. When you borrow against the CD, it’s going to be at a much higher interest rate than the 4.85%. If you include the transaction costs on the loan, you are way into the negative on your return. When you take the money out of the CD before the maturity date, you will lose money in a form of a penalty. Your $50,000 CD if withdrawn early is only worth about $49,500. You didn’t double your money, you lost 500 dollars with the early withdrawal and now you owe money + interest on the loan you took out.

Its true, but 50000 dollars is a bit high. I say 5000 and no they cant tag you on a withdrawl if you leave some of the money invested. When you get money from lets say a paycheck. you put it back. Once again Its a temporary fix, and plus you add tradelines to your credit. and Its a finance option over 12 month period.

This Gets people out of a bind when you need money now! but you have the resources to pay it back within 12 months, plus the interest only hurts you if you cant pay it back. Not an option for most but its an option.

Here is a better one. have some one you Know Add you to their Credit card, Given they have great Credit, and whala your credit score goes up, Only works for a month though. then apply for credit.

heck people make a living just adding others to their credit. Of course you never actualy get the credit card, just the credit history. lost of Mortgage Companies do this in order to close loans.
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Old 01-02-2008, 10:35 PM   #32
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plus

Not to burst anyones bubble but financing a bike/car is the worst idea ever! its not an asset . My schemes are usualy for Investment that require money right away but yield a return much greater than any loss.

in the end financing yourself will cost more but you never get declined.!!

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Old 01-02-2008, 10:36 PM   #33
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Yeah what they all said but +1 on the credit union!!
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Old 01-02-2008, 10:37 PM   #34
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Quote:
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yeah ... What he said!!!

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Old 01-02-2008, 10:39 PM   #35
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Credit unions

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Yeah what they all said but +1 on the credit union!!

Credit Unions have Their own rules and they are the Best route.

Try www.peoplestrustfcu.com they finance Everyone. I know Just trust me!!
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Old 01-02-2008, 10:47 PM   #36
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i'm the last person to tell someone how to spend their hard-earned money but here's a crazy and wacky idea. how about you take that 3 - 4 thousand you said you'll have at the end of the month and pay off some of that credit card debt you spent for home repairs? that's an option…
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Old 01-03-2008, 01:43 AM   #37
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secured loans through a credit union is a good way, do you have a 401? borrow agoinst it, or your savings, be like 2% intest in most cases, get a personal loan through your bank with the 3 grand you have, migh help but i agree with the racerx comment, gf with your bike in her name can screw you over later, but saving up is always the number 1 way to go
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Old 01-03-2008, 02:52 AM   #38
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Quote:
Originally Posted by speedjunkie View Post
Its true, but 50000 dollars is a bit high. I say 5000 and no they cant tag you on a withdrawl if you leave some of the money invested. When you get money from lets say a paycheck. you put it back. Once again Its a temporary fix, and plus you add tradelines to your credit. and Its a finance option over 12 month period.

This Gets people out of a bind when you need money now! but you have the resources to pay it back within 12 months, plus the interest only hurts you if you cant pay it back. Not an option for most but its an option.

Here is a better one. have some one you Know Add you to their Credit card, Given they have great Credit, and whala your credit score goes up, Only works for a month though. then apply for credit.

heck people make a living just adding others to their credit. Of course you never actualy get the credit card, just the credit history. lost of Mortgage Companies do this in order to close loans.
Wow - very risky. I'm in the mortgage business and I have seen many people go into the credit grave because of plans that went wrong. What happens if you can't pay the loans back due to illness, sickness, or downsizing?

If the only debt on your profile is a credit card, that 680 can easily turn into a 750-780 by paying it down to 45% or less of the loan limit. That in turn will lower the interest rate on any loan you secure for your bike.

Second, piggybacking, or adding someone to your credit account to get a score boost is a thing of the past. One of the three credit bureaus changed their algorithm this past September so that an added person will not inherit a favorable score increase, and the other two (Transunion and Equifax I believe) are to follow suit during the 1st quarter of 2008. Those people you declared making a living on adding people for scoring are going to find it pretty tough really soon to continue making a living this way.

Last edited by Jimmy; 01-03-2008 at 02:55 AM.
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Old 01-03-2008, 03:01 AM   #39
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Post An end to an era.

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Wow - very risky. I'm in the mortgage business and I have seen many people go into the credit grave because of plans that went wrong. What happens if you can't pay the loans back due to illness, sickness, or downsizing?

If the only debt on your profile is a credit card, that 680 can easily turn into a 750-780 by paying it down to 45% or less of the loan limit. That in turn will lower the interest rate on any loan you secure for your bike.

Second, piggybacking, or adding someone to your credit account to get a score boost is a thing of the past. One of the three credit bureaus changed their algorithm so this past September, and the other two (Transunion and Equifax I believe) are to follow suit during the 1st quarter of 2008. Those people you declared making a living on adding people for scoring are going to find it pretty tough really soon.
yea It Sucks but its an end to piggybacking. the scoring system has changed a lot!!

the Whole Cd Scheme is Realy for investment Capital but its used in other cases as Well. Not realy practical for a bike purchase. And supper risky.

If you have 3 year history and 680 score your good for just about anything as long as you state your income to debt ratio is adequate for what you want to get.
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Old 01-03-2008, 07:44 AM   #40
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Alright it is almost that time, and about to get another bike. This time instead of getting another used bike, I was wanting to purchase my first new bike. I know you need to have good credit to get a bike being that it is not a necessity.

My girl has a credit score of I believe 680. Only thing is that she has a credit card that has 8,000 spent on it already, because we had some emergency home repairs that came up and needed to get fixed. Basically that is all that would look bad on her credit report.

How does the credit scores work when buying a bike? We want a new one this time, but do not want really want to get our hopes up if it is pretty hard.

We should have about 3-4 grand to put down come the end of next month.
dont go in debt, if you have 3-4k to blow, pay the credit card off.
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